T. Rowe Price (ELS) holds 17.8M shares, 9.2% stake in Equity Lifestyle

Rhea-AI Filing Summary

Equity Lifestyle Properties disclosure: T. Rowe Price Associates, Inc. amended a Schedule 13G to report beneficial ownership of 17,845,363 shares, representing 9.2% of the class. The filing states sole voting power of 17,567,690 shares and sole dispositive power of 17,845,363 shares.

The filing is an ownership disclosure under Schedule 13G/A and includes a signed affirmation denying beneficial ownership in one paragraph. No transaction, proceeds, or change-in-position mechanics are described in the excerpt.

Insights

Portfolio Governance Analyst

Large passive holding disclosed; governance implications depend on activism stance.

The filing shows 17,845,363 shares (9.2%) held with sole voting and dispositive power counts listed, which is material from a governance and shareholder-structure perspective. The statement denying beneficial ownership is a customary disclaimer sometimes used by investment managers.

Whether this affects board influence or prompts engagement depends on the manager's stated policies and any subsequent filings; subsequent amendments or Form 13D would change the governance signal.

Regulatory Compliance Specialist

Filing conforms to Schedule 13G/A disclosure of holdings and power metrics.

The disclosure lists amount beneficially owned, percent of class, sole voting power, and sole dispositive power in the structured Item 4 fields, matching Schedule 13G/A format. The CUSIP and issuer name are provided for traceability.

Investors should watch for future amendments; changes in ownership or conversion to a 13D would be reported separately in filings.

Key Figures

Amount beneficially owned: 17,845,363 shares Percent of class: 9.2% Sole voting power: 17,567,690 shares +2 more

5 metrics

Amount beneficially owned 17,845,363 shares Item 4 reported beneficial ownership

Percent of class 9.2% Item 4 percent of class

Sole voting power 17,567,690 shares Item 4(i) sole power to vote

Sole dispositive power 17,845,363 shares Item 4(iii) sole power to dispose

CUSIP 29472R108 Issuer CUSIP provided on cover

Key Terms

Schedule 13G/A, beneficial ownership, sole dispositive power

3 terms

Schedule 13G/A regulatory

"amended a Schedule 13G to report beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"Amount beneficially owned: 17845363"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 17845363"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/15/2026 - 10:07 AM Learn about SEC filing dates

FAQ

What stake did T. Rowe Price report in ELS?

T. Rowe Price reported beneficial ownership of 17,845,363 shares, equal to 9.2% of the class. The filing lists sole voting power of 17,567,690 shares and sole dispositive power of 17,845,363 shares.

Does the Schedule 13G/A show a purchase or sale by T. Rowe Price?

No transaction is described in the excerpt; it is an ownership disclosure. The document lists current holdings and voting/dispositive powers but does not report any purchase, sale, or consideration in this excerpt.

What does the filing’s denial of beneficial ownership mean?

The filing includes a signed clause where T. Rowe Price states the filing "shall not be construed as an admission" of beneficial ownership. This is a formal disclaimer sometimes used by institutional filers and does not alter the numeric ownership fields reported.

How much voting power does T. Rowe Price hold in ELS?

The filing reports sole voting power for 17,567,690 shares and shared voting power of 0. These figures are reported in the Item 4 voting-power breakdown of the Schedule 13G/A.

Is this a Schedule 13G/A or a Schedule 13D and why does it matter?

This is an amended Schedule 13G/A, which is typically used by passive institutional investors. A Schedule 13D would indicate active intent to influence control; the excerpt is a 13G/A ownership update and does not assert activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

EQUITY LIFESTYLE PROPERTIES

(Name of Issuer)

REIT

(Title of Class of Securities)

29472R108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 29472R108

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,567,690.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,845,363.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,845,363.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EQUITY LIFESTYLE PROPERTIES
(b)	Address of issuer's principal executive offices: TWO N RIVERSIDE PLZ, STE 800, CHICAGO, IL, 60606
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: REIT
(e)	CUSIP No.: 29472R108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 17845363
(b)	Percent of class: 9.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 17567690
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 17845363
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	05/15/2026